Dart Mining Agreed To Acquire Granted Exploration License From Ostract Pty

  • Apr 05, 2019 AEDT
  • Team Kalkine
Dart Mining Agreed To Acquire Granted Exploration License From Ostract Pty

Dart Mining NL (ASX: DTM), today on 5th April 2019, has announced that it has agreed to acquire a granted exploration licence EL006016 from Ostract Pty Ltd, which is located near Rushworth in Central Victoria. In terms of the acquisition, upon unconditional Ministerial approval to the transfer of that tenement being granted, Dart Mining will pay $30,000 to Ostract and issues 6,000,000 Dart shares. The Dart shares will not be subject to escrow.

The granted exploration licence is approximately 82 square kilometres in the range and surrounds Dart’s existing mining licences MIN5246, MIN5306 and MIN5538. Securing the surrounding exploration licence reinforces Dart Mining’s dominant tenement holding over the historic Rushworth Goldfield.

The company recognises the significant prospects of the Central Victorian goldfields and considers the Rushworth Goldfield to be one of the least explored fields in the region, with limited modern exploration having been undertaken. It has developed a robust geological model through work conducted within mining licences MIN5246, MIN5306 and MIN5538 and will apply this model to exploration within the adjacent EL006016.

Dart is a junior explorer with extensive experience and demonstrable track record in mineral discovery. It is geographically focused in the under-explored state of Victoria, with its commanding tenement holding in the highly mineralised region of Australia. It has a leveraged position relative to the market valuation. The Victorian gold interest and the associated activity is gaining momentum as mining-majors positions themselves. The company has an efficient team of commercial and technical personnel.

The exploration profile of the company includes 1) its major discovery of the Mt. Unicorn Molybdenum Porphyry Deposit in NE Victoria, 2) exploration and pre-development of Mt Unicorn Multiple gold projects explored during 2009-2015, 3) the pre-development work on Mt Unicorn suspended due to collapse in molybdenum price in 2015, 4) the company discovered the first significant lithium-mineralised pegmatites in Victoria in the year 2016, 5) the company undertook extensive regional aerial and ground surveys to locate and sample pegmatites in 2018, 6) the company started drilling of pegmatites during late March in 2019.

On the price-performance front, the stock of Dart Mining NL, at market close on 5 April 2019, was trading at a value of $0.006, with a market capitalisation of $5.57 million. The company’s stock has remained volatile and generated a negative return of 14.29% over the past six months, however, the last month return has been positive 20.0%. Its 52-week high price stands at $0.012, and 52-week low price stands at $0.004, with an average trading volume of ~560,881.


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